63(&,),&$7,216
ìæì
'LVSOD\
&RUUHVSRQGLQJ
0RGHO
)XQFWLRQ 1DPH
'HVFULSWLRQ
õ2SHUDWLRQ
SDQHOô
õ3DUDPHWHU XQLWô
$èíí
(èíí
'XULQJ
DFFHOHUDWLRQ
:KHQ D FXUUHQW QRW OHVV WKDQ ìèíø õ1RWH ëô RI WKH
UDWHG LQYHUWHU FXUUHQW IORZV LQ WKH PRWRUñ WKH LQFUHDVH
LQ IUHTXHQF\ LV VWRSSHG XQWLO WKH ORDG FXUUHQW
UHGXFHV WR SUHYHQW WKH LQYHUWHU IURP UHVXOWLQJ LQ
RYHUFXUUHQW VKXWðRIIï :KHQ WKH FXUUHQW KDV UHGXFHG
EHORZ ìèíøñ WKH IUHTXHQF\ LV LQFUHDVHG DJDLQï
{
{
'XULQJ
FRQVWDQW
VSHHG
õ1RWH ëô
:KHQ D FXUUHQW QRW OHVV WKDQ ìèíø õ1RWH ëô RI WKH
UDWHG LQYHUWHU FXUUHQW IORZV LQ WKH PRWRUñ WKH
IUHTXHQF\ LV GHFUHDVHG XQWLO WKH ORDG FXUUHQW
UHGXFHV WR SUHYHQW WKH LQYHUWHU IURP UHVXOWLQJ LQ
RYHUFXUUHQW VKXWðRIIï :KHQ WKH FXUUHQW KDV UHGXFHG
EHORZ ìèíøñ WKH IUHTXHQF\ UHWXUQV WR WKH VHW YDOXHï
{
{
&XUUHQW OLPLW
VWDOO
SUHYHQWLRQ
'XULQJ
GHFHOHUDWLRQ
:KHQ WKH EUDNH FDSDELOLW\ LV H[FHHGHG GXH WR WKH
H[FHVVLYH UHJHQHUDWLYH HQHUJ\ RI WKH PRWRUñ WKH
GHFUHDVH LQ IUHTXHQF\ LV VWRSSHG WR SUHYHQW WKH
LQYHUWHU IURP UHVXOWLQJ LQ RYHUYROWDJH VKXWðRIIï :KHQ
WKH UHJHQHUDWLYH HQHUJ\ KDV UHGXFHGñ GHFHOHUDWLRQ LV
UHVXPHGï :KHQ D FXUUHQW QRW OHVV WKDQ ìèíø õ1RWH
ëô RI WKH UDWHG LQYHUWHU FXUUHQW IORZV LQ WKH PRWRUñ WKH
GHFUHDVH LQ IUHTXHQF\ LV VWRSSHG XQWLO WKH ORDG
FXUUHQW UHGXFHV WR SUHYHQW WKH LQYHUWHU IURP UHVXOWLQJ
LQ RYHUFXUUHQW VKXWðRIIï :KHQ WKH FXUUHQW KDV
UHGXFHG EHORZ ìèíøñ WKH IUHTXHQF\ LV GHFUHDVHG
DJDLQï
õ2/7ô
2/ FRGH LV
GLVSOD\HG RQ WKH
PDLQ PRQLWRUï
6WOO 3UHY 673 LV
GLVSOD\HG DW D
VWRSï
{
{
)DQ VWRS õ1RWH éô
)RU WKH LQYHUWHU ZKLFK FRQWDLQV D FRROLQJ IDQñ )1 LV
GLVSOD\HG RQ WKH RSHUDWLRQ SDQHO ZKHQ WKH FRROLQJ
IDQ VWRSV GXH WR D IDXOW RU RSHUDWHV GLIIHUHQWO\ IURP
WKH VHWWLQJ RI
3Uï
ëéé ûFRROLQJ IDQ RSHUDWLRQ
VHOHFWLRQûï
7KH LQYHUWHU GRHV QRW VWRS RXWSXWï
õ)1ô
••
{
{
1RWHã ìï &RQVWDQW VSHHG LV DFKLHYHG ZKHQ WKH RXWSXW IUHTXHQF\ LV ZLWKLQ WKH
r
ê+] UDQJH RI WKH VHW IUHTXHQF\ï )RU H[DPSOHñ WKH VSHHG
PD\ DOZD\V EH FRQVWDQW ZKHQ VORZ DFFHOHUDWLRQîGHFHOHUDWLRQ LV PDGH IURP DQ H[WHUQDO SRWHQWLRPHWHU DW D VPDOO VHWWLQJ RI
DFFHOHUDWLRQîGHFHOHUDWLRQ WLPHï
ëï ,QGLFDWHV WKDW WKH VWDOO SUHYHQWLRQ RSHUDWLRQ OHYHO KDV EHHQ VHW WR ìèíø õIDFWRU\ VHWWLQJôï ,I WKLV YDOXH LV FKDQJHGñ VWDOO
SUHYHQWLRQ LV RSHUDWHG DW WKH QHZ YDOXHï
êï :KHQ WKH SURWHFWLYH IXQFWLRQ LV DFWLYDWHG DQG WKH LQYHUWHU VWRSV LWV RXWSXW õWKH PRWRU LV FRDVWHG WR D VWRSôñ WKH LQYHUWHU LV NHSW
VWRSSHGï 8QOHVV UHVHWñ WKH LQYHUWHU FDQQRW UHVWDUWï 7R UHVHW WKH LQYHUWHUñ XVH DQ\ RI WKH IROORZLQJ PHWKRGVã VZLWFK SRZHU RII
RQFHñ WKHQ RQ DJDLQâ VKRUW UHVHW WHUPLQDO 5(6ð6' IRU PRUH WKDQ íïì VHFRQGñ WKHQ RSHQâ SUHVV WKH >5(6(7@ NH\ RI WKH
SDUDPHWHU XQLW õXVH WKH KHOS IXQFWLRQ RI WKH SDUDPHWHU XQLWôï ,I 5(6ð6' LV NHSW VKRUWHGñ WKH RSHUDWLRQ SDQHO ZLOO VKRZ û(UUïû RU
WKH SDUDPHWHU XQLW ZLOO VKRZ WKDW WKH LQYHUWHU LV EHLQJ UHVHWï
éï 7KH LQYHUWHU GRHV QRW VWRS WKH RXWSXW DQG FRQWLQXHV UXQQLQJï